Use this calculator to compare up to three different mortgage down payment options to find the one that works best for you.

Property Information

Purchase Price

Purchase Price

Enter the purchase price of your property.

Yearly Property Taxes

Yearly Property Taxes

Enter your estimated yearly property taxes for this mortgage. Property taxes are usually calculated as a percentage of your home's assessed value. For example, if you pay 0.5% in property taxes of the assessed value, a home assessed at $270,000 would have a yearly property tax bill of $1,350.

Yearly Property Insurance

Yearly Property Insurance

Enter your estimated property insurance. Lenders require that you carry home owners insurance on the property to protect their investment should a catastrophic accident occur.

Down Payments

Enter the down payment values you would like to compare.

Down Payment 1

Down Payment 2

Down Payment 3

Mortgage Information

Mortgage Type

Mortgage Term (Years)

Mortgage Term

Enter the term of your mortgage in years.

Interest Rate

Annual Interest Rate

Enter the annual interest rate that you want to use for this loan.

Discount Points

Discount Points

Discount points are a form of pre-paid interest that you can pay as a means of obtaining a lower mortgage interest rate. One point equals 1% of the loan amount. Enter the discount points for this loan.

Closing Costs

Closing Costs

Enter any closing costs including appraisals, settlement fees, etc. Do not include discount points.

Results

Information

Resources

Compare Mortgages

Loan 1

Loan 2

Loan 3

Percent Down:

0%

0%

0%

Percent Down

This is the percentage of the down payment versus the purchase price of the property.

Down Payment:

$0

$0

$0

Down Payment

Down payment values entered.

Loan Amount:

$0

$0

$0

Loan Amount

Loan amount for this loan scenario based on the input values. It is equal to the
purchase price less the down payment, plus the closing costs and the discount points.

Taxes & Insurance:

$0

$0

$0

Monthly Taxes & Insurance

Monthly property tax and insurance payment.

Mortgage Insurance:

$0

$0

$0

Mortgage Insurance

Mortgage insurance is a policy that insures the lender against loss should the homeowner
default on the mortgage. Normally, if you have a down payment of 20% or greater
you do not have to pay mortgage insurance. For the purposes of this calculation
we calculate mortgage insurance based on the purchase price you entered and the
loan amount that is calculated from the data entered.

P & I Payment:

$0

$0

$0

Principal & Interest Payment

The principal and interest payment for each loan based on the term and rate. ARM
loans are amortized using a 30 year term and will usually either convert to another
loan type or have a balloon payment due.

Discount Points:

$0

$0

$0

Discount Points

Total discount points paid when the loan is originated.

Total Interest Paid:

$0

$0

$0

Total Interest Paid

This value is the total interest paid over the term of the loan. If the loan is
a 5 Year ARM then the interest is totaled for 5 years.

MidWest America Federal Credit Union

MidWest America serves many business partners or SEGs, plus there are designated areas where anyone who works, lives, worships, attends school, or has a business there is eligible to join. For a complete listing, please visit: www.mwafcu.org